Tuesday, August 22, 2023
North America

Global Travel Investment Still 22.5% Below 2019 Levels

  • Pebblebrook Hotel Trust warns of 3Q impact from Tropical Storm Hillary. CoStar’s July 2023 report shows mixed U.S. hotel performance. Global travel deal activity down -35.7%.
  • Travel & Tourism investment grows 11.1% in 2022, below 2019 levels. WTTC forecasts 11.5% growth in 2023, warns of challenges from interest rate hikes.
  • Ashford converts hotel, St. Joe builds new property. Personnel changes across industry, Alberto Pirozzini joins Pellicano Hotels as COO.

The DJIA was down 175 points, Nasdaq was up 8 while the S&P 500 fell 12 points, and the 10-year treasury yield was down .01 to 4.33%. Lodging stocks were mixed. BHR, AHT, and VCSA set new lows. Pebblebrook Hotel Trust became the first to warn that Tropical Storm Hillary could hurt 3Q results. PEB said the storm did not cause any damage to PEB properties […]